Standard Bank in talks to acquire OPay stake ahead of US IPO

STANDARD Bank Group is in talks to acquire a stake in Nigerian fintech company OPay as the payments firm prepares for a potential initial public offering in the United States.

The discussions are at an early stage and may not culminate in a transaction, according to Bloomberg, which cited people familiar with the matter.

The value of the proposed investment and the size of the stake being sought by Standard Bank have not been disclosed. The two companies have not reached an agreement, meaning the potential transaction remains subject to further negotiations.

OPay, backed by SoftBank, is preparing for a US listing that could value the fintech at about $4 billion. Citigroup, Deutsche Bank and JPMorgan Chase are reportedly working on the proposed offering, which is expected later in 2026.

A pre-IPO investment by Standard Bank would give the South African lender direct exposure to one of Nigeria’s largest digital payments businesses, while potentially strengthening OPay’s institutional investor base ahead of its entry into the US capital market.

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OPay was founded in 2018 and has grown into a major Nigerian digital financial services platform, providing payments, transfers, savings, credit and other financial services.

The fintech has also expanded beyond Nigeria into markets including Egypt, Pakistan and Indonesia, although Nigeria remains its principal market. Bloomberg reported that OPay serves as many as 50 million users.

The potential investment comes as Standard Bank continues to pursue growth opportunities across Africa. The lender already has a major presence in Nigeria through Stanbic IBTC Holdings.

Standard Bank disclosed in June that it planned to increase investments in companies across Africa, with Nigeria among the markets offering opportunities for expansion.

The proposed OPay investment would deepen the connection between traditional banking and Africa’s rapidly expanding fintech industry, where established financial institutions are increasingly seeking exposure through strategic investments and partnerships.

However, the discussions remain preliminary, and there is no assurance that Standard Bank will ultimately acquire a stake in OPay or that the fintech will proceed with its proposed US IPO on the reported terms.